By Ben Glickman

Amgen narrowed its full-year guidance for adjusted profit and raised its revenue guidance after third-quarter adjusted profit topped Wall Street's estimates.

The Thousand Oaks, Calif.-based biotechnology company said it now expects adjusted earnings of $18.20 to $18.80 a share, compared with a prior guidance range of $17.80 to $18.80. Analysts polled by FactSet expect adjusted per-share earnings of $18.36.

Amgen now expects revenue of $28 billion to $28.4 billion, compared with prior guidance of $26.6 billion to $27.4 billion. Analysts polled by FactSet expect full-year revenue of $27.6 billion.

The company recently closed the $27.8 billion acquisition of Horizon Therapeutics, but said the accounting impact of the acquisition would be included with financial results beginning in the fourth quarter.

Amgen's adjusted profit topped estimates and its revenue rose in the third quarter. Its per-share profit on an unadjusted basis fell due to an impairment charge related to discontinued development of one of its drug candidates.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

October 31, 2023 07:23 ET (11:23 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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